Savient Pharmaceuticals files Chapter 11

|About: Savient Pharmaceuticals, Inc. (SVNTQ)|By:, SA News Editor

Savient Pharmaceuticals (SVNT) files voluntary Chapter 11 petitions.

The company is pursuing a sale under Section 363, with "stalking horse" bidder Sloan Holdings set to acquire Savient's assets for about $55M.

The Sloan deal sets a floor price for a court-supervised auction.

The assets in particular include Krystexxa, Savient's uric acid-specific enzyme indicated to treat chronic gout.